The number is put out by the PBOC, with the spending covering 360 million transactions in plot areas involving 15 provinces and municipalities. According to the central bank, there are more than 5.6 million merchans that could now accept payments with the digital currency.

For some context, it’s still a slow-moving affair as the figure above is just a step up from the ¥87.6 billion at the end of last year. I mean, something, something pandemic and lockdowns have certainly impeded the progress but China remains among the frontrunners in the global race to try and establish central bank digitial currencies.

A lot of eyes will be fixed on them to see how this trial plays out. For now, the transactions mainly are for domestic retail payments but the more interesting part will be to see how this transfers over to corporate and business flows.